Business Exchanges Compared: nexxt-change, the WKO Exchange and Private Platforms

The main business exchanges in the German-speaking region are the publicly backed portals nexxt-change (Germany) and the WKO-Nachfolgebörse (Austria), alongside private, fee-based platforms such as the Deutsche Unternehmerbörse (DUB). The public exchanges are free and have wide reach; the private ones compete on added services. None of them replaces valuation, buyer scrutiny and negotiation.

For buyers, our approach to buying a company sets out how we source, assess and execute acquisitions.

How an exchange works in principle — the listing, the anonymisation, the sequence — is explained in the business exchange, with further background in the succession exchange. This article compares the actual portals and sets out which route suits which business. How we support owners through business succession is described on our services page.

The public exchanges

nexxt-change is the largest German succession exchange. It is run by the Federal Ministry for Economic Affairs together with KfW, the guarantee banks, the chambers and industry associations. Listings are free and are looked after by regional partners such as the chambers of industry and commerce and the chambers of skilled crafts. Its strength lies in reach and credibility: a portal with no commercial interest of its own, pooling thousands of vetted listings.

The WKO-Nachfolgebörse is the Austrian counterpart, operated by the WKO, the Austrian Economic Chamber. Listings here are free as well. For Austrian businesses it is the obvious first port of call, because it combines regional visibility with the chamber infrastructure behind it.

What they have in common: free, credible, and well suited to businesses that transfer within a region — and both are public marketplaces, not advisers.

The private platforms

The Deutsche Unternehmerbörse (DUB) is the best-known commercial platform in the German-speaking market. Listings are chargeable; in return there is editorial reach, valuation and matching tools, and a network of advisers. The advantage of commercial portals lies in the added services and the presentation. The drawback: you pay for visibility without any guarantee that a suitable buyer is behind it.

Alongside DUB there are further commercial marketplaces and sector-specific portals. How useful they are depends heavily on whether the buyers active there fit your business — which makes a short check worthwhile before paying for any listing.

The channels you cannot see

Not every acquisition runs through an exchange. Larger and more complex companies usually change hands through the buyer networks of M&A advisers and banks. These channels are not publicly visible, but they are discreet and targeted: only a small number of carefully selected parties are approached. What the choice between an exchange and a managed process means for the price is covered in succession exchange or M&A adviser.

The comparison at a glance

Criterion	nexxt-change	WKO-Nachfolgebörse	Private platform (e.g. DUB)	Adviser network
Operator	federal government, KfW, chambers	WKO, the Austrian Economic Chamber	private sector	M&A adviser / bank
Cost	free	free	chargeable listing	retainer plus success fee
Reach	very high (DE)	high (AT)	medium to high, commercial	targeted, curated
Discretion	anonymised listing	anonymised listing	anonymised listing	fully confidential
Suits	small, regional businesses	Austrian SMEs	SMEs with a budget for visibility	larger, complex sales

Which exchange for which business?

For small, readily transferable businesses with a regional buyer pool — trades, hospitality, retail — a public exchange is the pragmatic first step: free, credible, visible. Austrian businesses start with the WKO-Nachfolgebörse and German ones with nexxt-change; the two portals are not mutually exclusive.

The larger, more specialised or more explanation-heavy a company is, the less likely the right buyer is to be found through a public listing — and the more a targeted, discreet approach counts. With any exchange, the critical point remains anonymity: a listing described too precisely gives the business away and puts trust with employees, customers and suppliers at risk.

The best succession begins years before closing. Talk to IGCP Capital Partners early and in confidence — independent, discreet, and on equal terms.

Anyone searching specifically for companies that are up for sale — buyers and sellers alike, testing the market — will find an editorial overview of both public and non-public channels in companies for sale.

FAQ

Which business exchange is the best?

There is no generally best one — it depends on the business. For regional SMEs the free public exchanges (nexxt-change in Germany, the WKO-Nachfolgebörse in Austria) are the best starting point. For larger sales, a curated approach counts for more than any exchange.

What does a listing on a business exchange cost?

On the public exchanges — nexxt-change and the WKO-Nachfolgebörse — a listing is free. Private platforms charge for listings and added services; the amount varies by portal and package.

Is a listing on a business exchange anonymous?

Yes, the listing is anonymised — you only identify yourself after first contact and a confidentiality agreement. But anonymity only holds if the profile is drafted generally enough that the business cannot be identified from it.

Exchange or M&A adviser — which delivers the higher price?

For small regional businesses an exchange can be enough. With larger or more complex companies, a managed process with genuine competition between buyers usually lifts the price more than a single listing could.

What is the difference between a public and a private exchange?

The public exchanges are backed by government bodies and chambers, cost nothing and carry no commercial interest of their own. Private platforms charge for listings and offer editorial reach, matching tools and adviser networks in return.

Should an Austrian business also list on nexxt-change?

The obvious first port of call for an Austrian business is the WKO-Nachfolgebörse, because it combines regional visibility with the chamber infrastructure. The two portals do not exclude one another, so listing on both is possible.

Where do larger companies actually change hands?

Usually through the buyer networks of M&A advisers and banks rather than through public exchanges. Those channels are not publicly visible, and only a small number of carefully selected parties are approached.